income tax regarding demonitised currency deposit
This query is : Resolved
Muthukaruppan
(Querist)
19 November 2016
Hello sir,
I am working in a mnc company for past 10 years and paying tax through tds. I have 3 lakh and 6 thousand rupees in my hand as discontinued 500 and 1000 rs notes. All these money are saved from my salary only by myself and my wife saved this money after the household expenses. Yesterday I deposited all this money in my savings account. Now my query is does the income tax dept will send a notice to me or not.?. I am really confused very much. Kindly explain what would happen in my case.
Mukul Giria
(Expert)
19 November 2016
Now that you have deposited, trust your luck for any notice from income-tax department. If at all, one of them finds your way home, explain the officer about the cash deposits which basically constitute your past savings.
CA R SEETHARAMAN
(Expert)
20 November 2016
No need to worry for such a small amount of money. File the return for current financial year no questions will be asked.
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